February 21, 2025 • 43 mins
- If you have any questions please contact Asset Growth Associates Tax & Retirement Advisors located at 1391 Calder Avenue in Beaumont. You can also email info@savemyretirement.com or phone (409) 840-6900.
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Episode Transcript
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Speaker 1 (00:03):
We're just trying to turn a necke in a dime.
That's the bottom line.
Speaker 2 (00:14):
Welcome to real honest talk about money, politics, news and
information you can actually use.
Speaker 3 (00:22):
Buggle up and hold on tight.
Speaker 1 (00:24):
This is that's the bottom line.
Speaker 4 (00:30):
The best thing that life up breed.
Speaker 1 (00:33):
But you can give them to the bath and be
the line.
Speaker 5 (00:43):
That bottom.
Speaker 6 (00:51):
You love.
Speaker 4 (00:52):
Gim me.
Speaker 2 (00:54):
Welcome this is.
Speaker 5 (00:56):
That's the bottom line. You're a weekly radio broadcast that
tells it like it is on KLVII five sixty am
at six in the morning on Saturdays and Sunday mornings
at eleven. We also welcome those of you tuning in
on the iHeartRadio podcast or through our website at savemyretirement
dot com. My name is Jeff Lewis and I'm filling
(01:19):
in for Gene Valerani this week. I'm an investment advisor
at Asset Growth Associates. Our officers are located in Dallas
and right here in Beaumont, Texas, where we offer investment,
pension and retirement planning services, as well as income tax
preparation for individuals, families, and businesses. We also assist people
with their health insurance options as they transition onto Medicare.
(01:43):
In short, we do it all here at Asset Groth Associates.
We've been servicing our clients in Texas and Louisiana for
literally decades now, including representing our clients who may be
having difficulty with the irs, often being able to negotiate
a tax settlement, or occasionally help people to end up
owing nothing at all, giving you a financial fresh start
(02:05):
in your relationship with the federal government. Today, we'll talk
about the upcoming income tax season and what changes you
can expect this year that could potentially affect your tax return.
As well, we'll discuss some of the bigger political stories
in the last week. Illegal border crossings are down dramatically
in President Trump's first month back in office. There's a shocker,
(02:25):
plus yet another plane crash involving a major airline Democrats
Blaine Trump, but who should really be held accountable for
the decline in aviation safety? Also, a second Democratic senator
announces her retirement. Whether it's the twenty twenty sixth Senate
map look like in next year's midterm elections will provide
way too early analysis. Later in the show, we'll reveal
(02:47):
a dirty little secretly related to medicare The deadline for
selling up for a new Medicare advantage plan inded back
on December seventh, But did you know there's a separate
deadline for people on Medicare advantage plans to revert back
to original dedicare. We'll talk about how that deadline can
still impact your insurance options. Also in our solutions segment,
we'll talk about how your personal risk tolerance can impact
(03:11):
your choice of investments and when a potentibal protection plan
may be right for you, including the tax implications for
those types of plans. And speaking of taxes, I'm joined
today by John Coaja, our resident tax professional here at
assec or At Associates.
Speaker 2 (03:26):
Thank you, Jeff, it's good to be with you today.
Speaker 5 (03:30):
John. It's that time of year again. What's the most
important thing that people need to be aware of this
year when they're getting ready to file their taxes.
Speaker 2 (03:36):
Well, first of all, let's take breath and realize that
there are over fourteen thousand pages of tax code, and
I have in front of me a tax guide which
six hundred pages did address his most individual and small
tax business rules. With that in mind, I will address
the low hanging changes, as each section of code has
(03:58):
its own set of rules. Sounds good, Let's start with
inflation's effect on taxes. Every new tax year, there are
certain areas of the tax code to changed due to
inflation measurements. The first is the standard deduction. It has
increased for all filing statuses. The single status is almost
(04:19):
fifteen thousand dollars at fourteen thousand, six hundred, marriage jointly
is almost thirty thousand at twenty nine thousand, two hundred,
and had a household as almost twenty two thousand dollars.
In addition, you can't add on to these if you
have a blind situation where you're sixty five or over.
There are fifteen and nineteen hundred dollars add ons to
(04:40):
increase it even further. In the last eight years, the
standard deduction has risen to the point that many people
no longer take itemized deductions for property taxes, mortgage interest,
or charitable giving. The increased standard deduction has also eliminated
the personal exemptions credit, so for taxpayers to receive a
(05:02):
W twoter pay check and take the standard deduction, the
chance of being audited is now non existent. For businesses mileage,
the rate is sixty seven cents per year or per mile.
I'm sorry, and it's best to keep all actual business
auto expenses and a mileage log to be able to
(05:22):
take the larger of the expense at the end of
the year. Now, remember employees commuting to work is not
considered deductible business mileage. Now, long term capital gains are
taxed for equities that are held more than one year
and are layered for defiling status and income level. As
(05:44):
an example, a single person has a zero rate for
capital gains up to forty seven twenty five dollars and
pays fifteen percent for the next four hundred and seventy
one thousand dollars, so it's quite quite a range, and
over that it's twenty five. This is an example of
a progressive tax system. Teachers are allowed a three hundred
(06:07):
dollars deduction for classroom expenses, and it's six hundred dollars
maximum per married educator couple. Now, a person can save
up to twenty three thousand dollars for their four oh
one K this year, and if over fifty, delimitus thirty
thou five hundred. Remember four h one K plans can
reduce your tax bill by reducing your tax bill income
(06:30):
on your W two while saving for your retirement. IRA
contribution smacks out this year at seven thousand dollars per
person or eight thousand if you're over fifty. IRA contributions
can be made up until April fifteenth, so you have
time to affect your tax bill if you want to
(06:50):
set up an IRA now. Roth iras are different. They
do not improve your taxes owed in the current year
because you buy those with alfter tax money, but the
promise is tax withdrawals from a ROTH account are tax free.
Now thinking of taking your Social Security this year and
(07:11):
continuing the work. All Social Security are subject to payback
if you are under your full retirement age earn and
earn over twenty two three hundred and twenty dollars. The
payback rate is one dollar for every two dollars over
the twenty two thousand dollars floor, so if you earned
one thousand dollars over the floor amount, you would pay
(07:34):
back five hundred dollars to Social Security. There is a
good change for home improvement energy credits this year. They
no longer have a lifetime limit. The forms change, a
homeowner could claim a twelve hundred dollars total credit for
their entire life now the credit can be claimed each
(07:55):
year with any improvements made to the property. And here
are some of the x tearing your doors, windows and skylights,
central air gas, protein oil and water heaters, heat pumps,
solar wind, geothermal fuel, and battery storage systems for the home.
(08:15):
Electric vehicles credits are still available throughout the seventy five
hundred dollars and there's a four thousand dollars credit for
used evs too. But here's a little secret. Alternative vehicle
credits are non refundable. So if your tax liability is
six thousand dollars and the AV credit will wipe out
(08:39):
that six thousand dollars, but the remaining fifteen hundred dollars
is lost and cannot be carried over to the next year.
Be sure of your tax situation before buying an EAV
and expecting the full seventy five hundred dollars credit. I
encourage you to call me and I can run a
tax planner to determine how much of the credit you
(09:01):
will received for an EAV or other tax situations you
may have.
Speaker 5 (09:06):
All right, well, thanks John, and thanks for taking the
time to talk with us. And remember, folks, you can
schedule your own consultation with John by calling our main
line at four oh nine eight four zero sixty nine
hundred Option four for John ninety nine bucks for a
simple senior tax return. It's hard to beat that. We'll
be right back to talk about the news for the
(09:27):
week following these messages you're listening to. That's the bottom
line on AM five sixty kl BI.
Speaker 1 (09:33):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 7 (09:41):
The power to tax is the power to despoil it.
Taxes affect your paycheck, your plans, not even your peace
of mind. But this tax season leads the stress to us.
This is Gene Valeraniut Asset Growth Associates. We make filing
and tax returns simple, accurate, and stress free. If you're
(10:05):
fifty year older, you could qualify for a low price
of ninety nine dollars to file your return. So when
it comes to your taxes, every detail matters, every time.
Call us four O nine eighty four oh sixty nine
hundred er visit savemretirement dot com do it today. Taxes
(10:28):
are everything. Let's make them work for you. Are you
thinking about starting your Social Security benefits? Early Before you decide,
let's talk about the big picture. Claiming benefits before your
full retirement age, whether it's sixty six, sixty seven, or
(10:49):
somewhere in between, can reduce your monthly income by up
to thirty percent. That could mean thousands of dollars less
every year, and once you start, there's no going back.
Here's the unintended consequence. That smaller check could limit your
ability to enjoy retirement, cover healthcare costs, or leave a
(11:13):
legacy for you and your loved ones. And if you
live longer than you expect, those reduced benefits might not
be enough. But don't worry. We're here to help. At
Asset Growth Associates specialize in creating smart strategies for social
security and retirement income. Will help you maximize your benefits
(11:37):
and secure your future. Call four oh nine eight four
oh sixty nine hundred to day or visit savemyretirement dot
com for your free social security analysis. Let's make sure
your retirement works for you, not against you. Plan smarter
(12:00):
retire bet.
Speaker 3 (12:08):
If you owe the IRS five thousand dollars or more,
don't call an unknown eight hundred number. Instead personally meet
with us to review your IRS problem and if you
want to pay the I R S nothing or less
than you owe, we can set up a fresh start
(12:28):
agreement with the I R S. We can help you.
Ladies and gentlemen can call us whole free at one
eight six six seven two eight three six nine seven.
Speaker 4 (12:39):
We're just trying to turn a nickel into a dime.
That's the bottom line. We will move now from them,
we will move p can.
Speaker 5 (13:15):
We're back with That's the bottom line. Here on AM
five sixty KLBI and on iHeartRadio again, I'm Jeff Lewis
sitting in for Geen val Rani, and thanks again to
John Karagia for talking to us about the tax returns
and offering that ninety nine dollars over fifty senior tax return. Next,
(13:35):
we'll talk about a few stories that have led the
news in the past week. First, the Trump administration has
succeeded in its very first month in office in reducing
the number of migrants arriving at the southern border. According
to data attained by Fox News, during the first week
of Trump's second term, daily crossing spelled at just over
(13:55):
one thousand encounters per day. By comparison, in the final
week at the Biden of imistration, we saw a number
nearly triple at that level. Apprehensions by border patrol agents
are down eighty five percent from this time last year. Clearly,
by prioritizing the border and declaring a national emergency, President
Trump has completely changed the narrative. It remains to be seen, however,
(14:19):
how much of an impact the border crackdown has on
efforts to reduce human trafficking, particularly along our Ien corridor,
as well as stemming the flow of dangerous drugs such
as fentanyl. One benchmark we'll be looking at is if
we see the street price of illegal drugs start to
increase over the coming months, meaning less supply is getting
(14:40):
to the drug dealers. For a long time, conservatives have
argued that our national drug epidemic is directly impacted by
our border security. We're about to test that theory on
the merits. Secondly, a second plane crash in under a
month has brought the Department of Transportation under fire. This week,
a Delta air liner attempting to land in Toronto did
(15:02):
so on top of its fuselage on Monday afternoon, catching
fire on impact. Miraculously, no one was killed in the accident. Meanwhile,
Senate Minority Leader Chuck Schumer of New York blamed the
Trump administration, citing the president's recent cuts to the workforce
of the Federal Aviation Administration and accused the president of
quote making our skies less and less safe. Now. The
(15:26):
problem with this criticism is that it runs surface deep.
No cuts in personnelity AA were actually related to air
traffic control positions. In fact, the new Transportation Secretary Sean
Duffy indicated after the DCA crash on January twenty ninth,
that the administration would seek to expand the number of
qualified aviation controllers employed. This first crash came literally hours
(15:50):
after Secretary Duffy had been confirmed by the United States Senate. Now,
given to brevity of his time on the job and
the fact that near missisipen rampant leading up to this
first crash, it stands to reason that the blame would
be more accurately assigned to the previous administration. Secretary Duffy
accused the previous Secretary, Pete Buddha Judge, a twenty twenty
(16:11):
Democratic presidential candidate who was appointed to the role by
former President Joe Biden, of being negligent in his duties
during his four years in the position. Duffy claimed that
ninety percent of the department had been working from home
under the quote unquote leadership of Buddha Judge now Secretary.
Buddha Judge oversaw a number of high profile failures during
his tenure as Transportation Secretary, including the derailment of a
(16:35):
train carrying hazardous materials in East Palestine, Ohio, just two
years ago this month. In fact, a settlement of six
hundred million dollars was regently reached in that case. Now,
going forward, it's safe to expect that our aviation system
will come under increased scrutiny in the coming months. Finally,
a series of retirements among Congressional Democrats could give an
(16:57):
early indicator of how the party views its awe in
taking retaking control of Capitol Hill. Following the twenty twenty
six midterms, Senator Tina Smith of Minnesota announced she will
not seek re election in twenty twenty six, only sixty
six years old, which is young for a retiring senator.
She was appointed to twenty eighteen to succeed Al Franken,
(17:19):
who resigned on grounds of sexual misconduct. Senator Smith would
go on to win the special election that year, and
was re elected to her only six year term in
twenty twenty by only five percentage points. This retirement comes
as a surprise to many political analysts. This announcement comes
on the heels of Democratic Senator Gary Peters announcement not
(17:40):
to seek reelection next year. Peters represents the battleground state
of Michigan, and this seat promises to be a prime
target for a Republican pickup. With the Upper Midwest now
a perennial battleground, Michigan and Minnesota could be two tough
seats for Democrats to defend next fall. So let's look
at the big picture. As things stand right now, the
(18:02):
Democrats hold forty seven seats under Caucus and will enter
the midterms needing to net four seats to win back
the Senate. There's only a couple of Republican held seats
where the Democrats can realistically hope to be competitive. That's
in Maine held by Susan Collins, and the Tilli seat
in North Carolina. Republicans come in favored in both of
those races. Even if Democrats did somehow flip those that
(18:25):
would only give them a two seat gain. Again, the
Democrats need to net four given that Vice President jd
Vance holds the tie breaking vote. Now, there are other
GOP Senate seats at stake in Florida, Ohio, Iowa, and
one here in Texas, but the Democrats are likely dead
on arrival in all four of those. President Trump has
(18:47):
carried all these states by double digits, and Florida, Iowa,
and Texas each feature high profile incumbents. The Ohio race
is a special election where newly appointed Senator John Eustad
will be on the ballot for the first time. You Stead,
most recently the lieutenant governor of Ohio, replaced jd Vance
after the Vice president took office last month. Former Democratic
(19:10):
Senator Sheried Brown, who lost his seat back in November,
is expected to challenge you s Dead, but Brown will
face an uphill battle in any political comeback attempt as
a Democrat in the Buckeye State. Instead, the race is
expected to be the most competitive of her seats build
by Democrats. Georgia is the most vulnerable. In fact, Senator
Ossoff probably comes into this race as the underdog. Michigan
(19:34):
is another battleground state won by Trump and this race,
as we just mentioned, is now an open seat race Minnesota.
In New Hampshire will also be on the Republican radar,
and even Mark Warner's seat in Virginia could be in
trouble if the Democrats have a really bad night. That
gives the GOP five opportunities to pick up compared to
(19:55):
only holding two seats that are in any real jeopardy.
So what's the bottom line here. I expect Republicans to
actually expand their Senate majority in twenty twenty six, which
will allow President Trump a full four years of Senate
cooperation with his agenda. That includes the possibility of getting
(20:15):
another justice or two nominated and appointed to the Supreme Court,
which will make his legacy one of the most lasting
on the Court in American history. If you think about it,
he could have potentially appointed half the existant Court by
the end of this presiesy, counting the three from his
first term, and possibly as many as one or two
(20:35):
this term. You could see Alito or possibly even Clarence
Thomas retire before the end of his term. So we'll
be right back here on AM five point sixty kl
v I.
Speaker 1 (20:46):
We're just trying to turn a neckel into a dime
that's the bottom line.
Speaker 7 (20:54):
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(21:15):
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Speaker 8 (22:17):
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Speaker 1 (22:57):
We're just trying to turn a neckle in toe. That's
the bottom line.
Speaker 5 (23:03):
Welcome back to That's the bottom line. On KLVI five
sixty and on iHeartRadio, I'm Jeff Lewis filling in for
Gene Valerani. For those of you who haven't met me,
I specialize in portfolio management and the Medicare advisement here
at Aztec Associates, I've been helping seniors transition onto Medicare
(23:24):
for ten years now. On that note, I'd like to
let you on a dirty little secret. Now, most of you,
like myself, see ads all the time talking about Medicare.
Ad after ad after ad. It never ends, right if
you watch them enough. You've got one date embedded in
your brain. December seventh. We all know that's the Medicare
(23:46):
enrollment deadline. Right wrong. We've let insurance companies tell us
bad information for so long. We haven't learned to double
check your information. December seventh is a deadline for two things,
to sign up for your drug plan Medicare Part D,
and to enroll in a Medicare Advantage plan or Medicare
Part C, which has the effect of replacing your original
(24:08):
Medicare plan with that of a private insurers. The proper
term for this period is called the annual election period,
not open enrollment like it's so commonly called on TV.
Insurance companies through this for marketing purposes, so much so
that if you were to search for Medicare open enrollment
right now, the AI generated answer will actually pop up
(24:30):
as October fifteenth through December seventh, But that's actually inaccurate.
It's just replicating what it sees advertised by the insurance companies.
Open enrollment for Medicare is a one time event centered
on your sixty fifth birthday. Your rights of enrollment can
be deferred past that point now, for example, if you're
still working and carry group insurance.
Speaker 2 (24:52):
But for most people, they'll.
Speaker 5 (24:53):
Enroll in Medicare for the first day of the month
in which they turn sixty five. The annual election period
is for people on Medicare advantage, not for those on
original Medicare. The only reason someone on original Medicare needs
to worry about December seventh is to sign up for
a new prescription drug plan only. Yes, that's important, but
(25:15):
it has nothing to do with your medical or your
hospitalization coverage. Now here's the dirty little secret that insurance
companies that offer Medicare advantage plans don't want you to
know about. There's actually another deadline every year whereby you
can exit a Medicare advantage plan. Again, that's the same
thing as Part C and return to original Medicare. That
(25:37):
deadline is March thirty first, meaning you have through the
entire month of March to go back onto Parts A
and B of Medicare if you decide a Medicare advantage
plan is not for you. So one thing I've learned
in my experience over the last decade is that a
lot of people don't even know whether or not they
have original Medicare or if they've replaced it with a
(25:57):
private insurer through Medicare Part C. I've had numerous people
sit in my office and tell me proudly I've got
ABC and D, to which I respond, yeah, no, you don't.
For starters, original Medicare has two parts, A for hospitalization
and B for medical. You're probably familiar with these because
you see those dates on your red, white, and blue
(26:19):
Medicare card. If you're on original Medicare, you probably also
have a Prescription drug card called a PDP or a
Part D plan. If you're on original Medicare, the federal
government is your insurance provider. Uncle Sam has you on
Part B, which is an eighty twenty plan with a
small deductible. This year it's two hundred and fifty seven dollars,
(26:40):
and Part A, which has its own larger deductible for
when you're hospitalized. That one is sixteen seventy six per
benefit period. Also, if you're on original Medicare, you may
have purchased a Medicare Supplement policy or a medicapp. These
are secondary, not primary, insurance plans written by an insurance company,
and there's a card for that too. A lot of
(27:02):
insurance companies in the medicare market righte both medicap plans
and Medicare advantage plans, so that can definitely be confusing
if you don't know what you're looking at. But a
medicap plan is always secondary to Medicare, whereas a Medicare
advantage plan is its own primary insurance. Most people on
ritual Medicare also choose to purchase a Medicare supplement policy
(27:24):
to limit their exposure to out of pocket costs. Medicare
advantage plans have potentially high out of pocket costs too,
as much as ninety three to fifty a year this year,
though oftentimes you'll pay a premium to buy that down.
Original Medicare itself has no cap on these costs, which
is why a Medicare supplement is so necessary. This plan
(27:45):
caps you off at an extremely low out of pocket limit,
as low as zero dollars, possibly after deductible. So, as
I just said, Part C of Medicare or Medicare Advantages
is more commonly called replaces Parts A and B. Instead
of the federal government, now a private insurance company becomes
your provider. You continue to pay the premium that you
(28:06):
pay for Medicare Part B. For most of you, that's
one hundred and eighty five dollars a month, but instead
the premium is transferred to the insurance company you're enrolled with.
You're also now subject to the individual rules in terms
of the plan and the insurance company that provides it.
You can know for sure that you've replaced your original
Medicare with parts if you have a card in your
(28:27):
wallet from an insurance company that says something like HTMO
or PPO. These are types of network options for your
insurance plan. Medicare itself doesn't have a network at all.
It's nationwide. That doctor's office either takes Medicare or it
doesn't participates in an original Medicare plan don't have to
(28:48):
worry about if their doctors take out one particular insurance
company or another. Medicare advantaged patients, however, must only see
a doctor that is contracted with that particular insurance company
regards us of that doctor's broader Medicare contract. The biggest
difference between an HMO and a PPO plan is that
the HGMO requires a referral to ce specialist when a network,
(29:11):
whereas the PPO plan doesn't require a priory for at all.
But in both cases, whether in HMO or a PPO,
you must still stay within that network without approval to
leave it, whereas original Medicare patients may go anywhere in
the country to any doctor with a Medicare contract. Now
that's a huge difference in medical options. So what if
(29:35):
I'm on a Medicare advantage plan and I don't want
to be well, You've got through March thirty first to
do something about that. You can exit your Medicare advantaged
plan and return to original Medicare up until that point.
But the question is, rather does it make sense to
do so? The problem is that you're not always guaranteed
(29:56):
the right to buy a Medicapp policy outside of the
Medicare open it enrollment period. That's why the real open
enrollment period is so important to know. Again, that's centered
on your sixty fifth birthday unless you defer it. If
you don't have a guaranteed right, then you'll have to
qualify for a supplement through medical underwriting. As we all know,
(30:18):
as you get older, that gets tougher and tougher to do.
You have less than a ten percent chance in your
seventies and eighties. So what's the bottom line? If you're
not sure how your Medicare plan works, call me at
Asset Growth Associates at eight four oh nine eight four
h sixty nine hundred Option five for Jeff, don't go away.
(30:42):
Our solutions segment is next. You're listening to that's the
bottom line on news talk radio AM five sixty kl VII.
Speaker 1 (30:53):
We're just trying to turn a nickel into a dime.
That's the bottom.
Speaker 7 (30:58):
Line planning your financial future. Taxes can be one of
your biggest expenses in retirement, but they don't have to be.
With a tax efficient distribution plan, you can keep more
of what you've worked so hard to say. Here's how
(31:19):
it works. We help you strategically withdraw from your accounts
to reduce tax liabilities and maximize your retirement income. Whether
it's choosing the right accounts first or minimizing capital gains,
or tailored strategies ensure you are keeping your investments efficient
(31:45):
and your income steady. Take control of your financial future.
Let's make your money last longer and work smarter for you.
Call four to oh nine eight four h sixty nine
hundred to day or visit it savemiretirement dot com to
schedule your free consultation. Your investment deserves a plan as
(32:08):
unique as your goals. Smart investments, smart tax strategies. This
is Gene Valerati of Asset Growth Associates. If you've been
watching recent news, a few banks have had a run
(32:29):
where customers panic and withdraw all their money at once,
causing the banks to fail. If that isn't worrying enough.
On January first, twenty twenty three, the Federal Reserve set
a new low reserved trumpch for net transaction accounts to
six hundred and ninety one point seven million dollars, meaning
(32:50):
that banks with net transaction account balances up to this
amount are subject to a reserve requirement ratio of zero percent.
You heard me right, zero reserve requirements Forget fractional reserve banking.
How about zero reserve banking? Why would the Federal Reserve
(33:14):
create this environment of uncertainty? If this is of concern
to you, and it should be, we can show you
how to protect yourself and how to locate and utilize
financial institutions with very real reserves, not zero reserves. Give
us a call an Asset Growth Associates one eight six
(33:34):
six seven two eight three six nine seven. That's eight
six six seven two eight three six ninety seven. You
can also reach us locally in Beaumont, Texas by dialing
four oh nine eight four oh sixty nine hundred.
Speaker 3 (33:50):
Give us a call.
Speaker 8 (33:50):
You'll be glad that you did.
Speaker 1 (33:52):
We're just trying to turn a nekel into a dime.
Speaker 4 (33:56):
That's the bottom line you're listening to.
Speaker 5 (33:59):
That's the bottom line. Here on AM five sixty kl
VII and on iHeartRadio once More, I'm Jeff Lewis pinschitting
for Gene Valerani. You know, my mother always told me
growing up, anytime I grabbed about something to her, which
I'm sure happened very frequently, that I can either be
part of the problem or part of the solution. I
(34:21):
learned pretty quick that I get into a lot less
trouble by trying to be part of the solution. That's
what we aim to do on this week's solution segment.
So here at Asset Growth Associates, we have two main
divisions of our wealth management practice. We have the brokerage side,
which concentrates on the management of securities in your portfolio,
(34:42):
which is suitable for people who want to have a
stake in the market. We also have the principal protection side,
which is best for people who want the potential for
returns without the market risk. Different people have different levels
of risk tolerance. In other words, how much risk am
I willing to it up with in order to achieve
my financial goals. Now, for some people, that's quite a lot.
Speaker 2 (35:05):
You might be.
Speaker 5 (35:06):
Super aggressive, always willing to invest in a brand new
company with a good idea. For other people, their risk
tolerance is pretty low. They're more worried about how much
the market might lose rather than how much it might make.
The problem is that ordinary people like you and me,
we don't always have a good feel for how much
(35:26):
risk we're comfortable with taking. There's no good way to
describe it as there. I mean, it's a qualitative assessment anyway,
not quantitative right, Or to put it another way, I
can only describe how much risk I'm willing to take
with words. There aren't really any numbers to describe that.
That's a problem. We have a solution for here at
(35:48):
Asset Growth Associates. If you're not sure how risk tolerant
you are, you should really check out this website. Go
to what is my Risk Number dot com or simply
google that question what is my risk number?
Speaker 2 (36:02):
It should take you to a.
Speaker 5 (36:03):
Page with the news top five sixty KLVII logo, and
there you can start a short questionnaire. The program is
called Riskalies, and they will ask you a series of
questions that will allow you to put a meaningful number
to your risk tolerance. It's based on a speed limit analogy.
And although in like the real world, there's no cops
(36:24):
on this road to pull you over, which I wish
was the case for me and I Mustang, there's no
right or wrong answer here. You could be good cruising
down the road at an easy thirty five miles an hour,
or you might prefer to be hauling at an eighty
five down the freeway like me and I must thank.
The point is to find the investment vehicle of your choice,
(36:44):
one that travels out of speed that you're comfortable with.
Once you have this number, call us. We'll be able
to sit down with you and go over what it
means and help you discover what investment vehicles you're comfortable
driving in. Some people are surprised with what their answer is.
Don't worry if the result doesn't make sense to you,
(37:05):
take it again or better yet, we can help you
take it the first time if you call first. Remember
the answer is never right or wrong, it's simply informative.
For many people, there's more than one investment people they
want to drive. Sometimes I'd rather be riding in my
wife's onto CRV if we're going on a road trip.
For if I just want the storage space for a
(37:27):
trip to the grocery store. Different cars are designed for
different things. That's fine too. In fact, that's generally the case,
isn't it. A lot of people, for example the side
they want to have some of their money in growth
with a nest egg set aside, to be protected no
matter what happens with the economy, and that's definitely possible
to do. There are financial plans out there that we
(37:48):
provide Asset Growth Associates that will ensure you never lose
a dime of what you contribute. They have what we
call a zero floor, meaning your rate of return can
never be less than zero. What's more, you can opt
for a guaranteed rate of return or instead base your
return offer the performance of a particular index, like the
(38:08):
S and P five hundred. Not happy with what you
picked in one year, just changing to the next year.
It really is as simple as that. These plans also
vary in their duration. Some plans are as short as
five years, while others can be long at ten years.
That part is up to you as a rule of thumb.
The longer your plan is designed for the greater the guarantee,
(38:30):
and you will always have access to at least a
size per percentage of your money, or even all of
it if necessary. More good news, these plans can also
defer taxation of your money, and you can fund these
plans with a wide range of sources. If you work
at one of the refineries out here, for example, you
probably already have set up a four A one K.
(38:50):
You could decide to use part of that as your principle.
If so, the money will still grow tax free until
you take it as a distribution. Conversely, your source of
fun maybe from an inheritance or possibly an insurance settlement.
If so, your principle won't ever be taxed, then the
insurance or the interest itself wouldn't it be taxed until
you take a distribution. If you're worried about what would
(39:13):
happened to your money when you're gone, you can designate
any number of beneficiaries that you choose. What's more, your
account will avoid probate, which means while the rest of
your assets may be tied up in court, you can
rest assured your loved ones will receive what they deserve
quickly and indisputably. If you're still not sure what plan
is right for you. That's why we're here to help.
(39:33):
You can make an appointment at our office, or if
you struggle getting out of the house, simple schedule a zoom.
Speaker 2 (39:38):
Call with us.
Speaker 5 (39:39):
Either way, we're local people from right here in the
Golden Triangle. Myself ahul of our university graduate that's lived
in this area all forty four years in my life,
Jean Valerani, Well, I won't tell you how long he's
lived here, but he's been helping people grow and protect
their money longer than any of us. Point being here
at Asset or Ath Associates, you're going to get sound
of financi advice from a person you can trust, not
(40:02):
because we say so, but because we'll earn it. Just
give us a call at four oh nine eight four
zero sixty nine hundred or toll free at eight sixty
six seven two eight thirty six ninety seven. You'll be
glad that you did.
Speaker 1 (40:14):
Where's Josh trying to turn the neck one in doo uh?
That's the bottom line. Where's Josh trying to turn the
neck one in doo uh? That's the bottom line?
Speaker 9 (40:29):
Cats On people, thank you for listening today.
Speaker 6 (40:42):
That's the bottom line on news talk radio a M
five sixty kl v I plus to those of you
that tuned in via podcast, through iHeartRadio, or through our
website at savemyretirement dot com. Again, you can tune in
next time at six am on Saturdays or eleven am
on Sundays. And of course you can listen to all
(41:03):
our previous broadcasts any time any day on demand online. Again,
if you decide to contact any of us here at
Asset Growth Associates, give us a call at four zero
nine eight four zero sixty nine hundred or toll free
at eight sixty six seven to eight thirty six ninety seven.
(41:25):
Our physical address in Beaumont is at thirteen ninety one
Calder Avenue, a block from the intersection of MLK and Calder.
I hope you got a lot of good information today.
We know your time is important and that means giving
you an informative and substantive discussion on issues relevant to you.
Thanks to John Coazia for providing us with an update
on the tax changes for twenty twenty five. And if
(41:47):
you're a senior over fifty that wants to take advantage
of the ninety nine dollars tax filing, you definitely want
to call us for an appointment. John also handles larger
filings for both individuals and businesses, so don't worry. He's
got you covered either way, whether it's current events or
national politics, you can count on. That's the bottom line.
To deliver frank, straightforward analysis of the stories that affect you.
(42:11):
I promise to keep you all posted with developments in
the world of medicare, and hopefully someone listening today will
benefit for knowing their rights and opportunities related to their
federal benefits. After all, it's not really an entitlement if
you work for it all your life, is it. That's
like saying you're entitled to take home your groceries from
the supermarket have to be paid for them. I mean, yeah, right,
(42:31):
I was gonna If you have a retirement account that's
been sitting around and you don't know what to do
with it, well, chances are we do. That's what we
do for a living, after all. And if you're wanting
to be actively involved in the market, particularly now that
the new administration promises to be a positive development for
the economy, give us a shout. Our advisory services can
help design a portfolio that's within your risk tolerance and expectations.
(42:56):
If you're more than a little tentative when it comes
to general investing, again, there's no reason to fear. We
have your back. We can design a plan that will
make sure you never lose any of those nickels and
maybe turn.
Speaker 9 (43:07):
A few of them into dimes.
Speaker 6 (43:09):
We can do this as consistently, safely, and always with
your best interest in mind. I'm Jeff Lewis and it
was a privilege to talk to you today. This was
my first time hosting a radio cast, so thank you
all for making it a memorable experience for me as well.
Our regular host, Geen Valerani, will be back soon and
he sends everyone his best from everyone here at Asset
(43:31):
Groath Associates made the Lord bless you and keep you
until next week. That's the bottom line.
Speaker 4 (43:39):
That's the bottom line.
Speaker 1 (43:42):
You can reach Asset Wealth Associates by calling one eight
six six seven to eight thirty six ninety seven, are
by visiting savemretirement dot com.
We're just trying to turn a necke in a dime.
That's the bottom line.
Speaker 2 (00:14):
Welcome to real honest talk about money, politics, news and
information you can actually use.
Speaker 3 (00:22):
Buggle up and hold on tight.
Speaker 1 (00:24):
This is that's the bottom line.
Speaker 4 (00:30):
The best thing that life up breed.
Speaker 1 (00:33):
But you can give them to the bath and be
the line.
Speaker 5 (00:43):
That bottom.
Speaker 6 (00:51):
You love.
Speaker 4 (00:52):
Gim me.
Speaker 2 (00:54):
Welcome this is.
Speaker 5 (00:56):
That's the bottom line. You're a weekly radio broadcast that
tells it like it is on KLVII five sixty am
at six in the morning on Saturdays and Sunday mornings
at eleven. We also welcome those of you tuning in
on the iHeartRadio podcast or through our website at savemyretirement
dot com. My name is Jeff Lewis and I'm filling
(01:19):
in for Gene Valerani this week. I'm an investment advisor
at Asset Growth Associates. Our officers are located in Dallas
and right here in Beaumont, Texas, where we offer investment,
pension and retirement planning services, as well as income tax
preparation for individuals, families, and businesses. We also assist people
with their health insurance options as they transition onto Medicare.
(01:43):
In short, we do it all here at Asset Groth Associates.
We've been servicing our clients in Texas and Louisiana for
literally decades now, including representing our clients who may be
having difficulty with the irs, often being able to negotiate
a tax settlement, or occasionally help people to end up
owing nothing at all, giving you a financial fresh start
(02:05):
in your relationship with the federal government. Today, we'll talk
about the upcoming income tax season and what changes you
can expect this year that could potentially affect your tax return.
As well, we'll discuss some of the bigger political stories
in the last week. Illegal border crossings are down dramatically
in President Trump's first month back in office. There's a shocker,
(02:25):
plus yet another plane crash involving a major airline Democrats
Blaine Trump, but who should really be held accountable for
the decline in aviation safety? Also, a second Democratic senator
announces her retirement. Whether it's the twenty twenty sixth Senate
map look like in next year's midterm elections will provide
way too early analysis. Later in the show, we'll reveal
(02:47):
a dirty little secretly related to medicare The deadline for
selling up for a new Medicare advantage plan inded back
on December seventh, But did you know there's a separate
deadline for people on Medicare advantage plans to revert back
to original dedicare. We'll talk about how that deadline can
still impact your insurance options. Also in our solutions segment,
we'll talk about how your personal risk tolerance can impact
(03:11):
your choice of investments and when a potentibal protection plan
may be right for you, including the tax implications for
those types of plans. And speaking of taxes, I'm joined
today by John Coaja, our resident tax professional here at
assec or At Associates.
Speaker 2 (03:26):
Thank you, Jeff, it's good to be with you today.
Speaker 5 (03:30):
John. It's that time of year again. What's the most
important thing that people need to be aware of this
year when they're getting ready to file their taxes.
Speaker 2 (03:36):
Well, first of all, let's take breath and realize that
there are over fourteen thousand pages of tax code, and
I have in front of me a tax guide which
six hundred pages did address his most individual and small
tax business rules. With that in mind, I will address
the low hanging changes, as each section of code has
(03:58):
its own set of rules. Sounds good, Let's start with
inflation's effect on taxes. Every new tax year, there are
certain areas of the tax code to changed due to
inflation measurements. The first is the standard deduction. It has
increased for all filing statuses. The single status is almost
(04:19):
fifteen thousand dollars at fourteen thousand, six hundred, marriage jointly
is almost thirty thousand at twenty nine thousand, two hundred,
and had a household as almost twenty two thousand dollars.
In addition, you can't add on to these if you
have a blind situation where you're sixty five or over.
There are fifteen and nineteen hundred dollars add ons to
(04:40):
increase it even further. In the last eight years, the
standard deduction has risen to the point that many people
no longer take itemized deductions for property taxes, mortgage interest,
or charitable giving. The increased standard deduction has also eliminated
the personal exemptions credit, so for taxpayers to receive a
(05:02):
W twoter pay check and take the standard deduction, the
chance of being audited is now non existent. For businesses mileage,
the rate is sixty seven cents per year or per mile.
I'm sorry, and it's best to keep all actual business
auto expenses and a mileage log to be able to
(05:22):
take the larger of the expense at the end of
the year. Now, remember employees commuting to work is not
considered deductible business mileage. Now, long term capital gains are
taxed for equities that are held more than one year
and are layered for defiling status and income level. As
(05:44):
an example, a single person has a zero rate for
capital gains up to forty seven twenty five dollars and
pays fifteen percent for the next four hundred and seventy
one thousand dollars, so it's quite quite a range, and
over that it's twenty five. This is an example of
a progressive tax system. Teachers are allowed a three hundred
(06:07):
dollars deduction for classroom expenses, and it's six hundred dollars
maximum per married educator couple. Now, a person can save
up to twenty three thousand dollars for their four oh
one K this year, and if over fifty, delimitus thirty
thou five hundred. Remember four h one K plans can
reduce your tax bill by reducing your tax bill income
(06:30):
on your W two while saving for your retirement. IRA
contribution smacks out this year at seven thousand dollars per
person or eight thousand if you're over fifty. IRA contributions
can be made up until April fifteenth, so you have
time to affect your tax bill if you want to
(06:50):
set up an IRA now. Roth iras are different. They
do not improve your taxes owed in the current year
because you buy those with alfter tax money, but the
promise is tax withdrawals from a ROTH account are tax free.
Now thinking of taking your Social Security this year and
(07:11):
continuing the work. All Social Security are subject to payback
if you are under your full retirement age earn and
earn over twenty two three hundred and twenty dollars. The
payback rate is one dollar for every two dollars over
the twenty two thousand dollars floor, so if you earned
one thousand dollars over the floor amount, you would pay
(07:34):
back five hundred dollars to Social Security. There is a
good change for home improvement energy credits this year. They
no longer have a lifetime limit. The forms change, a
homeowner could claim a twelve hundred dollars total credit for
their entire life now the credit can be claimed each
(07:55):
year with any improvements made to the property. And here
are some of the x tearing your doors, windows and skylights,
central air gas, protein oil and water heaters, heat pumps,
solar wind, geothermal fuel, and battery storage systems for the home.
(08:15):
Electric vehicles credits are still available throughout the seventy five
hundred dollars and there's a four thousand dollars credit for
used evs too. But here's a little secret. Alternative vehicle
credits are non refundable. So if your tax liability is
six thousand dollars and the AV credit will wipe out
(08:39):
that six thousand dollars, but the remaining fifteen hundred dollars
is lost and cannot be carried over to the next year.
Be sure of your tax situation before buying an EAV
and expecting the full seventy five hundred dollars credit. I
encourage you to call me and I can run a
tax planner to determine how much of the credit you
(09:01):
will received for an EAV or other tax situations you
may have.
Speaker 5 (09:06):
All right, well, thanks John, and thanks for taking the
time to talk with us. And remember, folks, you can
schedule your own consultation with John by calling our main
line at four oh nine eight four zero sixty nine
hundred Option four for John ninety nine bucks for a
simple senior tax return. It's hard to beat that. We'll
be right back to talk about the news for the
(09:27):
week following these messages you're listening to. That's the bottom
line on AM five sixty kl BI.
Speaker 1 (09:33):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 7 (09:41):
The power to tax is the power to despoil it.
Taxes affect your paycheck, your plans, not even your peace
of mind. But this tax season leads the stress to us.
This is Gene Valeraniut Asset Growth Associates. We make filing
and tax returns simple, accurate, and stress free. If you're
(10:05):
fifty year older, you could qualify for a low price
of ninety nine dollars to file your return. So when
it comes to your taxes, every detail matters, every time.
Call us four O nine eighty four oh sixty nine
hundred er visit savemretirement dot com do it today. Taxes
(10:28):
are everything. Let's make them work for you. Are you
thinking about starting your Social Security benefits? Early Before you decide,
let's talk about the big picture. Claiming benefits before your
full retirement age, whether it's sixty six, sixty seven, or
(10:49):
somewhere in between, can reduce your monthly income by up
to thirty percent. That could mean thousands of dollars less
every year, and once you start, there's no going back.
Here's the unintended consequence. That smaller check could limit your
ability to enjoy retirement, cover healthcare costs, or leave a
(11:13):
legacy for you and your loved ones. And if you
live longer than you expect, those reduced benefits might not
be enough. But don't worry. We're here to help. At
Asset Growth Associates specialize in creating smart strategies for social
security and retirement income. Will help you maximize your benefits
(11:37):
and secure your future. Call four oh nine eight four
oh sixty nine hundred to day or visit savemyretirement dot
com for your free social security analysis. Let's make sure
your retirement works for you, not against you. Plan smarter
(12:00):
retire bet.
Speaker 3 (12:08):
If you owe the IRS five thousand dollars or more,
don't call an unknown eight hundred number. Instead personally meet
with us to review your IRS problem and if you
want to pay the I R S nothing or less
than you owe, we can set up a fresh start
(12:28):
agreement with the I R S. We can help you.
Ladies and gentlemen can call us whole free at one
eight six six seven two eight three six nine seven.
Speaker 4 (12:39):
We're just trying to turn a nickel into a dime.
That's the bottom line. We will move now from them,
we will move p can.
Speaker 5 (13:15):
We're back with That's the bottom line. Here on AM
five sixty KLBI and on iHeartRadio again, I'm Jeff Lewis
sitting in for Geen val Rani, and thanks again to
John Karagia for talking to us about the tax returns
and offering that ninety nine dollars over fifty senior tax return. Next,
(13:35):
we'll talk about a few stories that have led the
news in the past week. First, the Trump administration has
succeeded in its very first month in office in reducing
the number of migrants arriving at the southern border. According
to data attained by Fox News, during the first week
of Trump's second term, daily crossing spelled at just over
(13:55):
one thousand encounters per day. By comparison, in the final
week at the Biden of imistration, we saw a number
nearly triple at that level. Apprehensions by border patrol agents
are down eighty five percent from this time last year. Clearly,
by prioritizing the border and declaring a national emergency, President
Trump has completely changed the narrative. It remains to be seen, however,
(14:19):
how much of an impact the border crackdown has on
efforts to reduce human trafficking, particularly along our Ien corridor,
as well as stemming the flow of dangerous drugs such
as fentanyl. One benchmark we'll be looking at is if
we see the street price of illegal drugs start to
increase over the coming months, meaning less supply is getting
(14:40):
to the drug dealers. For a long time, conservatives have
argued that our national drug epidemic is directly impacted by
our border security. We're about to test that theory on
the merits. Secondly, a second plane crash in under a
month has brought the Department of Transportation under fire. This week,
a Delta air liner attempting to land in Toronto did
(15:02):
so on top of its fuselage on Monday afternoon, catching
fire on impact. Miraculously, no one was killed in the accident. Meanwhile,
Senate Minority Leader Chuck Schumer of New York blamed the
Trump administration, citing the president's recent cuts to the workforce
of the Federal Aviation Administration and accused the president of
quote making our skies less and less safe. Now. The
(15:26):
problem with this criticism is that it runs surface deep.
No cuts in personnelity AA were actually related to air
traffic control positions. In fact, the new Transportation Secretary Sean
Duffy indicated after the DCA crash on January twenty ninth,
that the administration would seek to expand the number of
qualified aviation controllers employed. This first crash came literally hours
(15:50):
after Secretary Duffy had been confirmed by the United States Senate. Now,
given to brevity of his time on the job and
the fact that near missisipen rampant leading up to this
first crash, it stands to reason that the blame would
be more accurately assigned to the previous administration. Secretary Duffy
accused the previous Secretary, Pete Buddha Judge, a twenty twenty
(16:11):
Democratic presidential candidate who was appointed to the role by
former President Joe Biden, of being negligent in his duties
during his four years in the position. Duffy claimed that
ninety percent of the department had been working from home
under the quote unquote leadership of Buddha Judge now Secretary.
Buddha Judge oversaw a number of high profile failures during
his tenure as Transportation Secretary, including the derailment of a
(16:35):
train carrying hazardous materials in East Palestine, Ohio, just two
years ago this month. In fact, a settlement of six
hundred million dollars was regently reached in that case. Now,
going forward, it's safe to expect that our aviation system
will come under increased scrutiny in the coming months. Finally,
a series of retirements among Congressional Democrats could give an
(16:57):
early indicator of how the party views its awe in
taking retaking control of Capitol Hill. Following the twenty twenty
six midterms, Senator Tina Smith of Minnesota announced she will
not seek re election in twenty twenty six, only sixty
six years old, which is young for a retiring senator.
She was appointed to twenty eighteen to succeed Al Franken,
(17:19):
who resigned on grounds of sexual misconduct. Senator Smith would
go on to win the special election that year, and
was re elected to her only six year term in
twenty twenty by only five percentage points. This retirement comes
as a surprise to many political analysts. This announcement comes
on the heels of Democratic Senator Gary Peters announcement not
(17:40):
to seek reelection next year. Peters represents the battleground state
of Michigan, and this seat promises to be a prime
target for a Republican pickup. With the Upper Midwest now
a perennial battleground, Michigan and Minnesota could be two tough
seats for Democrats to defend next fall. So let's look
at the big picture. As things stand right now, the
(18:02):
Democrats hold forty seven seats under Caucus and will enter
the midterms needing to net four seats to win back
the Senate. There's only a couple of Republican held seats
where the Democrats can realistically hope to be competitive. That's
in Maine held by Susan Collins, and the Tilli seat
in North Carolina. Republicans come in favored in both of
those races. Even if Democrats did somehow flip those that
(18:25):
would only give them a two seat gain. Again, the
Democrats need to net four given that Vice President jd
Vance holds the tie breaking vote. Now, there are other
GOP Senate seats at stake in Florida, Ohio, Iowa, and
one here in Texas, but the Democrats are likely dead
on arrival in all four of those. President Trump has
(18:47):
carried all these states by double digits, and Florida, Iowa,
and Texas each feature high profile incumbents. The Ohio race
is a special election where newly appointed Senator John Eustad
will be on the ballot for the first time. You Stead,
most recently the lieutenant governor of Ohio, replaced jd Vance
after the Vice president took office last month. Former Democratic
(19:10):
Senator Sheried Brown, who lost his seat back in November,
is expected to challenge you s Dead, but Brown will
face an uphill battle in any political comeback attempt as
a Democrat in the Buckeye State. Instead, the race is
expected to be the most competitive of her seats build
by Democrats. Georgia is the most vulnerable. In fact, Senator
Ossoff probably comes into this race as the underdog. Michigan
(19:34):
is another battleground state won by Trump and this race,
as we just mentioned, is now an open seat race Minnesota.
In New Hampshire will also be on the Republican radar,
and even Mark Warner's seat in Virginia could be in
trouble if the Democrats have a really bad night. That
gives the GOP five opportunities to pick up compared to
(19:55):
only holding two seats that are in any real jeopardy.
So what's the bottom line here. I expect Republicans to
actually expand their Senate majority in twenty twenty six, which
will allow President Trump a full four years of Senate
cooperation with his agenda. That includes the possibility of getting
(20:15):
another justice or two nominated and appointed to the Supreme Court,
which will make his legacy one of the most lasting
on the Court in American history. If you think about it,
he could have potentially appointed half the existant Court by
the end of this presiesy, counting the three from his
first term, and possibly as many as one or two
(20:35):
this term. You could see Alito or possibly even Clarence
Thomas retire before the end of his term. So we'll
be right back here on AM five point sixty kl
v I.
Speaker 1 (20:46):
We're just trying to turn a neckel into a dime
that's the bottom line.
Speaker 7 (20:54):
Imagine investing a million dollars today and securing a guaranteed
fifteen percent future annual income for you and your spouse
and income you can never outlive. Sounds like a dream.
With a deferred income plan, it's possible. Here's how it works.
(21:15):
Your investment grows over time. A fifty year old couple
investing knows in ten years they'll unlock an annual income
of one hundred and fifty thousand dollars for life, stable, predictable,
and design for peace of mind and income you both
cannot outlive. Whether it's retirement or building a legacy, A
(21:38):
deferred income plan is the smart way to make your
money work harder for you. Call us today four nine
eight four oh sixty nine one hundred or visit savemretirement
dot com to secure your future income with confidence. Act
(21:58):
now financial piece of mind is waiting for you. Guaranteed income,
guaranteed peace of mind.
Speaker 8 (22:17):
I want to invite our listeners to find out what
a risk number can do for them. Visit what is
My Risk Number dot com and while you're there you
will find more information and if you click the link
on the front page, a quick five minute process will
give you your risk number for free. Visit what is
(22:40):
my risk number? Dot Com? Now to take control of
your investments and make them do what you want them
to do with a very high degree of certainty. That
is what is my risk number? Dot Com? Again? What
is my risk number? Dot Com?
Speaker 1 (22:57):
We're just trying to turn a neckle in toe. That's
the bottom line.
Speaker 5 (23:03):
Welcome back to That's the bottom line. On KLVI five
sixty and on iHeartRadio, I'm Jeff Lewis filling in for
Gene Valerani. For those of you who haven't met me,
I specialize in portfolio management and the Medicare advisement here
at Aztec Associates, I've been helping seniors transition onto Medicare
(23:24):
for ten years now. On that note, I'd like to
let you on a dirty little secret. Now, most of you,
like myself, see ads all the time talking about Medicare.
Ad after ad after ad. It never ends, right if
you watch them enough. You've got one date embedded in
your brain. December seventh. We all know that's the Medicare
(23:46):
enrollment deadline. Right wrong. We've let insurance companies tell us
bad information for so long. We haven't learned to double
check your information. December seventh is a deadline for two things,
to sign up for your drug plan Medicare Part D,
and to enroll in a Medicare Advantage plan or Medicare
Part C, which has the effect of replacing your original
(24:08):
Medicare plan with that of a private insurers. The proper
term for this period is called the annual election period,
not open enrollment like it's so commonly called on TV.
Insurance companies through this for marketing purposes, so much so
that if you were to search for Medicare open enrollment
right now, the AI generated answer will actually pop up
(24:30):
as October fifteenth through December seventh, But that's actually inaccurate.
It's just replicating what it sees advertised by the insurance companies.
Open enrollment for Medicare is a one time event centered
on your sixty fifth birthday. Your rights of enrollment can
be deferred past that point now, for example, if you're
still working and carry group insurance.
Speaker 2 (24:52):
But for most people, they'll.
Speaker 5 (24:53):
Enroll in Medicare for the first day of the month
in which they turn sixty five. The annual election period
is for people on Medicare advantage, not for those on
original Medicare. The only reason someone on original Medicare needs
to worry about December seventh is to sign up for
a new prescription drug plan only. Yes, that's important, but
(25:15):
it has nothing to do with your medical or your
hospitalization coverage. Now here's the dirty little secret that insurance
companies that offer Medicare advantage plans don't want you to
know about. There's actually another deadline every year whereby you
can exit a Medicare advantage plan. Again, that's the same
thing as Part C and return to original Medicare. That
(25:37):
deadline is March thirty first, meaning you have through the
entire month of March to go back onto Parts A
and B of Medicare if you decide a Medicare advantage
plan is not for you. So one thing I've learned
in my experience over the last decade is that a
lot of people don't even know whether or not they
have original Medicare or if they've replaced it with a
(25:57):
private insurer through Medicare Part C. I've had numerous people
sit in my office and tell me proudly I've got
ABC and D, to which I respond, yeah, no, you don't.
For starters, original Medicare has two parts, A for hospitalization
and B for medical. You're probably familiar with these because
you see those dates on your red, white, and blue
(26:19):
Medicare card. If you're on original Medicare, you probably also
have a Prescription drug card called a PDP or a
Part D plan. If you're on original Medicare, the federal
government is your insurance provider. Uncle Sam has you on
Part B, which is an eighty twenty plan with a
small deductible. This year it's two hundred and fifty seven dollars,
(26:40):
and Part A, which has its own larger deductible for
when you're hospitalized. That one is sixteen seventy six per
benefit period. Also, if you're on original Medicare, you may
have purchased a Medicare Supplement policy or a medicapp. These
are secondary, not primary, insurance plans written by an insurance company,
and there's a card for that too. A lot of
(27:02):
insurance companies in the medicare market righte both medicap plans
and Medicare advantage plans, so that can definitely be confusing
if you don't know what you're looking at. But a
medicap plan is always secondary to Medicare, whereas a Medicare
advantage plan is its own primary insurance. Most people on
ritual Medicare also choose to purchase a Medicare supplement policy
(27:24):
to limit their exposure to out of pocket costs. Medicare
advantage plans have potentially high out of pocket costs too,
as much as ninety three to fifty a year this year,
though oftentimes you'll pay a premium to buy that down.
Original Medicare itself has no cap on these costs, which
is why a Medicare supplement is so necessary. This plan
(27:45):
caps you off at an extremely low out of pocket limit,
as low as zero dollars, possibly after deductible. So, as
I just said, Part C of Medicare or Medicare Advantages
is more commonly called replaces Parts A and B. Instead
of the federal government, now a private insurance company becomes
your provider. You continue to pay the premium that you
(28:06):
pay for Medicare Part B. For most of you, that's
one hundred and eighty five dollars a month, but instead
the premium is transferred to the insurance company you're enrolled with.
You're also now subject to the individual rules in terms
of the plan and the insurance company that provides it.
You can know for sure that you've replaced your original
Medicare with parts if you have a card in your
(28:27):
wallet from an insurance company that says something like HTMO
or PPO. These are types of network options for your
insurance plan. Medicare itself doesn't have a network at all.
It's nationwide. That doctor's office either takes Medicare or it
doesn't participates in an original Medicare plan don't have to
(28:48):
worry about if their doctors take out one particular insurance
company or another. Medicare advantaged patients, however, must only see
a doctor that is contracted with that particular insurance company
regards us of that doctor's broader Medicare contract. The biggest
difference between an HMO and a PPO plan is that
the HGMO requires a referral to ce specialist when a network,
(29:11):
whereas the PPO plan doesn't require a priory for at all.
But in both cases, whether in HMO or a PPO,
you must still stay within that network without approval to
leave it, whereas original Medicare patients may go anywhere in
the country to any doctor with a Medicare contract. Now
that's a huge difference in medical options. So what if
(29:35):
I'm on a Medicare advantage plan and I don't want
to be well, You've got through March thirty first to
do something about that. You can exit your Medicare advantaged
plan and return to original Medicare up until that point.
But the question is, rather does it make sense to
do so? The problem is that you're not always guaranteed
(29:56):
the right to buy a Medicapp policy outside of the
Medicare open it enrollment period. That's why the real open
enrollment period is so important to know. Again, that's centered
on your sixty fifth birthday unless you defer it. If
you don't have a guaranteed right, then you'll have to
qualify for a supplement through medical underwriting. As we all know,
(30:18):
as you get older, that gets tougher and tougher to do.
You have less than a ten percent chance in your
seventies and eighties. So what's the bottom line? If you're
not sure how your Medicare plan works, call me at
Asset Growth Associates at eight four oh nine eight four
h sixty nine hundred Option five for Jeff, don't go away.
(30:42):
Our solutions segment is next. You're listening to that's the
bottom line on news talk radio AM five sixty kl VII.
Speaker 1 (30:53):
We're just trying to turn a nickel into a dime.
That's the bottom.
Speaker 7 (30:58):
Line planning your financial future. Taxes can be one of
your biggest expenses in retirement, but they don't have to be.
With a tax efficient distribution plan, you can keep more
of what you've worked so hard to say. Here's how
(31:19):
it works. We help you strategically withdraw from your accounts
to reduce tax liabilities and maximize your retirement income. Whether
it's choosing the right accounts first or minimizing capital gains,
or tailored strategies ensure you are keeping your investments efficient
(31:45):
and your income steady. Take control of your financial future.
Let's make your money last longer and work smarter for you.
Call four to oh nine eight four h sixty nine
hundred to day or visit it savemiretirement dot com to
schedule your free consultation. Your investment deserves a plan as
(32:08):
unique as your goals. Smart investments, smart tax strategies. This
is Gene Valerati of Asset Growth Associates. If you've been
watching recent news, a few banks have had a run
(32:29):
where customers panic and withdraw all their money at once,
causing the banks to fail. If that isn't worrying enough.
On January first, twenty twenty three, the Federal Reserve set
a new low reserved trumpch for net transaction accounts to
six hundred and ninety one point seven million dollars, meaning
(32:50):
that banks with net transaction account balances up to this
amount are subject to a reserve requirement ratio of zero percent.
You heard me right, zero reserve requirements Forget fractional reserve banking.
How about zero reserve banking? Why would the Federal Reserve
(33:14):
create this environment of uncertainty? If this is of concern
to you, and it should be, we can show you
how to protect yourself and how to locate and utilize
financial institutions with very real reserves, not zero reserves. Give
us a call an Asset Growth Associates one eight six
(33:34):
six seven two eight three six nine seven. That's eight
six six seven two eight three six ninety seven. You
can also reach us locally in Beaumont, Texas by dialing
four oh nine eight four oh sixty nine hundred.
Speaker 3 (33:50):
Give us a call.
Speaker 8 (33:50):
You'll be glad that you did.
Speaker 1 (33:52):
We're just trying to turn a nekel into a dime.
Speaker 4 (33:56):
That's the bottom line you're listening to.
Speaker 5 (33:59):
That's the bottom line. Here on AM five sixty kl
VII and on iHeartRadio once More, I'm Jeff Lewis pinschitting
for Gene Valerani. You know, my mother always told me
growing up, anytime I grabbed about something to her, which
I'm sure happened very frequently, that I can either be
part of the problem or part of the solution. I
(34:21):
learned pretty quick that I get into a lot less
trouble by trying to be part of the solution. That's
what we aim to do on this week's solution segment.
So here at Asset Growth Associates, we have two main
divisions of our wealth management practice. We have the brokerage side,
which concentrates on the management of securities in your portfolio,
(34:42):
which is suitable for people who want to have a
stake in the market. We also have the principal protection side,
which is best for people who want the potential for
returns without the market risk. Different people have different levels
of risk tolerance. In other words, how much risk am
I willing to it up with in order to achieve
my financial goals. Now, for some people, that's quite a lot.
Speaker 2 (35:05):
You might be.
Speaker 5 (35:06):
Super aggressive, always willing to invest in a brand new
company with a good idea. For other people, their risk
tolerance is pretty low. They're more worried about how much
the market might lose rather than how much it might make.
The problem is that ordinary people like you and me,
we don't always have a good feel for how much
(35:26):
risk we're comfortable with taking. There's no good way to
describe it as there. I mean, it's a qualitative assessment anyway,
not quantitative right, Or to put it another way, I
can only describe how much risk I'm willing to take
with words. There aren't really any numbers to describe that.
That's a problem. We have a solution for here at
(35:48):
Asset Growth Associates. If you're not sure how risk tolerant
you are, you should really check out this website. Go
to what is my Risk Number dot com or simply
google that question what is my risk number?
Speaker 2 (36:02):
It should take you to a.
Speaker 5 (36:03):
Page with the news top five sixty KLVII logo, and
there you can start a short questionnaire. The program is
called Riskalies, and they will ask you a series of
questions that will allow you to put a meaningful number
to your risk tolerance. It's based on a speed limit analogy.
And although in like the real world, there's no cops
(36:24):
on this road to pull you over, which I wish
was the case for me and I Mustang, there's no
right or wrong answer here. You could be good cruising
down the road at an easy thirty five miles an hour,
or you might prefer to be hauling at an eighty
five down the freeway like me and I must thank.
The point is to find the investment vehicle of your choice,
(36:44):
one that travels out of speed that you're comfortable with.
Once you have this number, call us. We'll be able
to sit down with you and go over what it
means and help you discover what investment vehicles you're comfortable
driving in. Some people are surprised with what their answer is.
Don't worry if the result doesn't make sense to you,
(37:05):
take it again or better yet, we can help you
take it the first time if you call first. Remember
the answer is never right or wrong, it's simply informative.
For many people, there's more than one investment people they
want to drive. Sometimes I'd rather be riding in my
wife's onto CRV if we're going on a road trip.
For if I just want the storage space for a
(37:27):
trip to the grocery store. Different cars are designed for
different things. That's fine too. In fact, that's generally the case,
isn't it. A lot of people, for example the side
they want to have some of their money in growth
with a nest egg set aside, to be protected no
matter what happens with the economy, and that's definitely possible
to do. There are financial plans out there that we
(37:48):
provide Asset Growth Associates that will ensure you never lose
a dime of what you contribute. They have what we
call a zero floor, meaning your rate of return can
never be less than zero. What's more, you can opt
for a guaranteed rate of return or instead base your
return offer the performance of a particular index, like the
(38:08):
S and P five hundred. Not happy with what you
picked in one year, just changing to the next year.
It really is as simple as that. These plans also
vary in their duration. Some plans are as short as
five years, while others can be long at ten years.
That part is up to you as a rule of thumb.
The longer your plan is designed for the greater the guarantee,
(38:30):
and you will always have access to at least a
size per percentage of your money, or even all of
it if necessary. More good news, these plans can also
defer taxation of your money, and you can fund these
plans with a wide range of sources. If you work
at one of the refineries out here, for example, you
probably already have set up a four A one K.
(38:50):
You could decide to use part of that as your principle.
If so, the money will still grow tax free until
you take it as a distribution. Conversely, your source of
fun maybe from an inheritance or possibly an insurance settlement.
If so, your principle won't ever be taxed, then the
insurance or the interest itself wouldn't it be taxed until
you take a distribution. If you're worried about what would
(39:13):
happened to your money when you're gone, you can designate
any number of beneficiaries that you choose. What's more, your
account will avoid probate, which means while the rest of
your assets may be tied up in court, you can
rest assured your loved ones will receive what they deserve
quickly and indisputably. If you're still not sure what plan
is right for you. That's why we're here to help.
(39:33):
You can make an appointment at our office, or if
you struggle getting out of the house, simple schedule a zoom.
Speaker 2 (39:38):
Call with us.
Speaker 5 (39:39):
Either way, we're local people from right here in the
Golden Triangle. Myself ahul of our university graduate that's lived
in this area all forty four years in my life,
Jean Valerani, Well, I won't tell you how long he's
lived here, but he's been helping people grow and protect
their money longer than any of us. Point being here
at Asset or Ath Associates, you're going to get sound
of financi advice from a person you can trust, not
(40:02):
because we say so, but because we'll earn it. Just
give us a call at four oh nine eight four
zero sixty nine hundred or toll free at eight sixty
six seven two eight thirty six ninety seven. You'll be
glad that you did.
Speaker 1 (40:14):
Where's Josh trying to turn the neck one in doo uh?
That's the bottom line. Where's Josh trying to turn the
neck one in doo uh? That's the bottom line?
Speaker 9 (40:29):
Cats On people, thank you for listening today.
Speaker 6 (40:42):
That's the bottom line on news talk radio a M
five sixty kl v I plus to those of you
that tuned in via podcast, through iHeartRadio, or through our
website at savemyretirement dot com. Again, you can tune in
next time at six am on Saturdays or eleven am
on Sundays. And of course you can listen to all
(41:03):
our previous broadcasts any time any day on demand online. Again,
if you decide to contact any of us here at
Asset Growth Associates, give us a call at four zero
nine eight four zero sixty nine hundred or toll free
at eight sixty six seven to eight thirty six ninety seven.
(41:25):
Our physical address in Beaumont is at thirteen ninety one
Calder Avenue, a block from the intersection of MLK and Calder.
I hope you got a lot of good information today.
We know your time is important and that means giving
you an informative and substantive discussion on issues relevant to you.
Thanks to John Coazia for providing us with an update
on the tax changes for twenty twenty five. And if
(41:47):
you're a senior over fifty that wants to take advantage
of the ninety nine dollars tax filing, you definitely want
to call us for an appointment. John also handles larger
filings for both individuals and businesses, so don't worry. He's
got you covered either way, whether it's current events or
national politics, you can count on. That's the bottom line.
To deliver frank, straightforward analysis of the stories that affect you.
(42:11):
I promise to keep you all posted with developments in
the world of medicare, and hopefully someone listening today will
benefit for knowing their rights and opportunities related to their
federal benefits. After all, it's not really an entitlement if
you work for it all your life, is it. That's
like saying you're entitled to take home your groceries from
the supermarket have to be paid for them. I mean, yeah, right,
(42:31):
I was gonna If you have a retirement account that's
been sitting around and you don't know what to do
with it, well, chances are we do. That's what we
do for a living, after all. And if you're wanting
to be actively involved in the market, particularly now that
the new administration promises to be a positive development for
the economy, give us a shout. Our advisory services can
help design a portfolio that's within your risk tolerance and expectations.
(42:56):
If you're more than a little tentative when it comes
to general investing, again, there's no reason to fear. We
have your back. We can design a plan that will
make sure you never lose any of those nickels and
maybe turn.
Speaker 9 (43:07):
A few of them into dimes.
Speaker 6 (43:09):
We can do this as consistently, safely, and always with
your best interest in mind. I'm Jeff Lewis and it
was a privilege to talk to you today. This was
my first time hosting a radio cast, so thank you
all for making it a memorable experience for me as well.
Our regular host, Geen Valerani, will be back soon and
he sends everyone his best from everyone here at Asset
(43:31):
Groath Associates made the Lord bless you and keep you
until next week. That's the bottom line.
Speaker 4 (43:39):
That's the bottom line.
Speaker 1 (43:42):
You can reach Asset Wealth Associates by calling one eight
six six seven to eight thirty six ninety seven, are
by visiting savemretirement dot com.
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